LONDON (Alliance News) - Provexis PLC on Friday said it remains positive about the outlook for its second half and beyond as it reported a narrowed pretax loss for its financial first half.
For the half year to the end of September, Provexis reported a pretax loss of GBP139,617, narrowed from a pretax loss of GBP228,447 the previous year, on revenue of GBP123,456, up from GBP40,908.
The company, which develops, licences and sells its food ingredient Fruitflow, said its revenue was bolstered by the launch of consumer health brands by customers of its partner DSM Nutritional Products.
More than 50 regional consumer healthcare brands have now been launched by direct customers of DSM, Provexis said, and a number of further regional brands have been launched through DSM's distributor channels.
Meanwhile, Provexis said that although it remains keen to minimise dilution for its shareholders, it will need to raise working capital on occasions whilst it remains in a loss-making position.
Provexis noted that, based on its current cash level, it expects it will need to raise further funds in the coming four months to help fund promotion of its Fruitflow + Omega-3 dietary supplement product, and further sales channel opportunities.
"The company is well placed to maximise the commercial opportunities arising from these developments for Fruitflow and the Provexis business. We remain positive about the outlook for the business for the second half of the year and beyond," said Executive Chairman Dawson Buck in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Provexis (PXS)